Blockchain

Blockchain technology – that highly disruptive online general ledger or database – is poised to recast the Internet of Things, opening it up to networks and partnerships to accelerate its value.

That’s one of the key takeaways from a recent report published by EY, which suggests that the blockchain “may have the most impactful potential of the entire portfolio of disruptive technologies that are now emerging.” That’s because blockchain is likely to impact many aspects of business operations and strategies – such as business models, processes, supply chains and customer relationships. The Internet of Things, in particular, is an initiative will see a re-arrangement due to the blockchain.

The report’s authors share the definition of the blockchain, noting its ability to digitally deliver “peer-to-peer value exchange.” Security and verifiability are inherently protected through its “globally distributed computations and heavy duty encryption — that ensure the integrity of the data traded among billions of devices without going through a trusted third party,” EY observes.